This paper considers whether private sector flows is an effective alternative to development assistance. It examines the implications of increased private sector inflows in terms of the potential to create unsustainable debt burdens and to tie the hands of policy makers to a limited set of policies critical for foreign investors but potentially detrimental to the domestic economy.
The “second generation” reforms are aimed at implementing policies for the common good, particularly social policies that will help to alleviate poverty and provide more equal opportunity. It would appear that the IMF views itself no longer as simply an institution to achieve macroeconomic stabilisation objectives but is focused much more on structural issues, issues which have previously been the remit of the World Bank (1997).
Critical analysis of the Bank’s 1997 World Development Report, The Role of the State. Written by Nicholas Hildyard, commissioned by the Bretton Woods Project
The IMF has taken few steps to openly evaluate its operations. To try to remedy this situation, and in response to non-governmental organisations’ calls for a fully independent review mechanism, the IMF executive board decided to establish an ad hoc external review mechanism on a trial basis (1998).
The World Bank’s pilot of its Comprehensive Development Framework (CDF) in Bolivia, reflects both scepticism and a complete lack of involvement. How did this state of affairs come about? And are the prospects for the CDF really as bleak as this might suggest?
When the social principles were proposed by Gordon Brown at the 1998 AGM of the Bank and IMF it was envisaged that they would apply to all countries and would be monitored as the other codes on Fiscal Transparency, Monetary Policy and Corporate Governance will be. The Development Committee charged the World Bank with the task of drawing up the principles (1999).
Although it has sought to adapt, the Fund still has particular difficulties in dealing effectively with low income countries. The introduction of ESAF was an important attempt at adaptation but its programmes are still too short term, the scale of support is often too small, and the policy conditions laid down are too blinkered.
This paper considers how the relationships and roles of intenational and national non-governmental organisations, donors and the multilateral institutions are likely to change as a result of new initiatives to put poverty reduction and country ownership at the centre of the development process (2000).
Briefing outlining the case for an independent evaluation unit for the IMF and setting out the outlines the principles on which it should function (1998).
This briefing is a response to the “Meltzer Report” produced by the US congressional Committee led by Allan Meltzer on the roles of the IMF and World Bank. It examines the Committee’s recommendations and outlines why they are inappropriate and how they would actually increase the power of the IMF, whilst turning it into an institution that would serve the needs of private sector investors rather than assisting governments (2000).
The World Bank has produced a discussion paper, Partnership for Development: Proposed Actions for the World Bank, which presents a strategy for building ownership into the development process, developing partnerships between donors to fund government designed programmes and to make more effective use of aid resources (1998).
Short note outlining concerns about the International Finance Corporation’s attempt to redefine its strategy. The new strategy ducks the key issue of how the IFC can use its leverage to improve companies’ social and environmental peformance. (February 1998)